Myvesta UK Articles

Can you go bankrupt in the UK if you now live elsewhere in the EU?

The record indicates that Timothy Hardman had contacted Debt Matters for an Individual Voluntary Arrangement (IVA) in an attempt to deal with his money troubles. While Mr. Hardman had been advised that an IVA was possible at that time, a solution that would have allowed him to keep control of his assets and avoid bankruptcy, life dealt him a cruel blow.

While this is an article about US bankruptcy debt it brings to light the abuses that exist regarding bankruptcy discharged debt and continued collections on those accounts.

A recent survey from the CreditExpert people at Experian only amplifies what I’ve been saying for a long time, “ I don't care what you say, bankruptcy has not lost its stigma.”

Stories are still printed that bankruptcy has lost its stigma. Nothing could be further from the truth.

The latest round of figures from the Insolvency Service in the UK regarding bankruptcy filings and Individual Voluntary Arrangements (IVA) is surprising. While debt management industry insiders were anticipating a large increase in bankruptcy filings as a result of the lid being tightly held on IVA repayment offer acceptance by creditors, that didn't happen. Let's look at what the reasons for that could be.

Continued creditor actions force consumers to seek protection in bankruptcy rather than allow debtors to repay what they can reasonably afford to pay.

"Pressured by the UK Inland Revenue service for several years of unpaid income tax, their recently appointed business manager Prince Rupert Lowenstein, a 'society' friend of Jagger's and descendant of the Rothschild family, advised the band to move abroad to avoid bankruptcy caused by the high rates of taxation of the Labour government of Harold Wilson," says the Wikipedia. "They eventually decided to quit Britain for the South of France, the band members taking to this enforced change of lifestyle with varying degrees of success."

Not only are UK consumers desperate to live the lifestyle, they are going in debt to do so.  This in itself 'red flags' adults and reveals the fact that the entire lifestyle is a Hollywood fallacy, at least, it should.  Of course, it is hard to tell young adults that fun and fashion are not worth the price you’ll pay later on. 

Many UK adults in the 30 something are already carrying larger debts than older generations with families, school fees, and other expenses.  It isn’t until many UK adults are hopelessly in debt, with personal loans in excess of ₤40 000 that a light turns on and they realize the full cost of a decade of playing the characters out of their favourite television shows.

That is why 10 000 people a month are petitioning for bankruptcy while living in one of the healthiest economies in the world.  In fact, the number of bankruptcies has more than doubled in less than 10 years.